It would be appropriate for Luka Modric to be open-minded because of course he realized that he was no longer young and for example there are other players who can contribute more than he can, I don't think he would mind if he had to be benched. Considering the contribution he has made to Real Madrid, It is very likely that Real Madrid will continue to offer Modric a contract extension, at least Luka Modric still has skills and experience that can be useful for Real Madrid and their young players.
Luka Modric is 38 years old and I think his time is about run out at Real Madrid by this season. I don't think there will be another extension of contract with him. Don't get me wrong. He is still playing really decently despite his age. However as long as he continues to be a part of the starting eleven it becomes a hindrance for younger talents to find more chances.
I think we would be likely to watch Modric at a Saudi Arabia team as of next summer. I guess he wouldn't play for many more years before his retirement. Therefore it would be the best for him to make some more money by going there in his last times.